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TWMA announces Q1 results

Specialist drilling waste management company TWMA has reported first-quarter 2026 revenue of $17.9 million and EBITDA from continuing operations of $4.7 million.

All the latest from TWMA 

All the latest from TWMA 

01 June 2026

Specialist drilling waste management company TWMA has reported first-quarter 2026 revenue of $17.9 million and EBITDA from continuing operations of $4.7 million, compared with $4.4 million in Q4 2025.

Through the first quarter, the Group delivered excellent operational performance, broadly in line with expectations, despite emerging geopolitical headwinds. Performance was supported by contract extensions, the start-up of a new self-sustaining onshore drill cuttings processing facility, growth in domestic markets, and increased utilisation of our core technology.

In the UAE, our new market-leading onshore treatment facility was fully commissioned and delivered consistent month-on-month volume growth throughout the quarter, supporting a decision to expand the facility later in 2026. Offshore operations remained robust, with activity on all four Upper Zakum islands and four Ghasha Mega Project islands. The business also operated on an average of four jack-up rigs during the period.

During the quarter, progress was made on a further contract extension through to 31 October 2027, and it is expected that this will be formally signed in Q2.

Activity in the region is expected to remain stable throughout 2026 despite the backdrop of ongoing geopolitical tensions, and to date there has been no material impact on operations or financial performance.

In the North Sea, operations in Norway remain stable, with two bulk operations and a positive market outlook through 2026 and beyond. In the UK, activity remained low but steady due to continued fiscal pressures; however, during the quarter, we were successful in securing a long-term RotoMill® project commencing in Q3 2026.

Operations in Egypt were stable through the quarter, supported by a three-year contract extension with a major IOC.

In January 2026, the Group successfully completed a refinancing with a new $72 million Nordic bond and an increase in the super senior revolving credit facility to $12 million. This was undertaken to fully fund the increased growth capex programme completed in late 2025.

Commenting on the latest results, TWMA CEO Halle Aslaksen said:

"I am pleased to report a strong, safe start to the year that saw the Group deliver excellent operational performance, including navigating the commissioning of the world’s most advanced drill cuttings treatment facility in the UAE despite the backdrop of geopolitical tensions in the region.

We remain committed to the safety of our employees and customers, which is reflected in the Group achieving more than 1,700 workdays without a Lost Time Incident.

Overall, the Group is well positioned to improve utilisation and build on the operational progress achieved in the first quarter.”

The world's drilling waste specialist.